Mashreq has launched generative AI tools within its fraud platform in partnership with Clari5, a Perfios company.

The bank said the tools aim to improve fraud detection, make analysts more productive and strengthen decision-making on fraud cases.

According to Perfios, the AI can help banks deal with more complex financial crime.

In particular, it can link data from many sources, speed up investigations and inform better decisions.

However, the company said the aim is to assist investigators rather than replace their judgement.

Clari5 said the system runs on-premises inside the bank’s own environment. The firm added that it can be audited and explained, and that it stays under human control.

“In an increasingly digital financial landscape, fraud is becoming more sophisticated, and the way banks respond must adapt accordingly,”

said Ahmed Abdelaal, Group Chief Executive Officer at Mashreq.

“Clari5 has shown how AI can operate on-premises inside a bank’s own environment, grounded in the bank’s context, and remain auditable, explainable and under human control. We are proud to have gone live with Mashreq and set an example of how enterprise-grade AI should operate in managing financial crime,”

said Rivi Varghese, Co-Founder and CEO at Clari5.

Mashreq built the tools through its ongoing work with Clari5. The bank said they should help its teams make sense of data and respond to new risks with more speed and consistency.

It described the launch as part of its continued investment in new tools to manage fraud risk.

For customers, the tools are meant to bring faster and more consistent fraud detection. In addition, the bank expects them to reinforce confidence in its ability to protect customers.

Featured image: Edited by Fintech News UAE, based on image by Mashreq via its Press Release.